Oilboy Energy to raise Rs1 bn for 70 EV fast‑charging stations by Q1 2027
Oilboy Energy Limited (OBOY) announced a Rs1 billion rights issue to fund a greenfield network of 70 electric‑vehicle fast‑charging stations across Pakistan, targeting a high‑margin, PKR‑denominated revenue stream.
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Desk Analysis
How This Affects the Exchange
Sector Effect
Positive · Buy bias
Oilboy’s EV charging rollout creates a new high‑margin revenue stream, so Buy bias on OBOY.
Sectors & Direction
Desk read
Desk call: Buy bias · Positively affected
- PowerPositively affected
- TechnologyPositively affected
Companies
Companies Mentioned
- OBOY· Positively affected · Buy bias
Mentions in This Briefing
Sectors: Power, Technology — Positive · Buy bias. PSX tickers: OBOY. Oilboy’s EV charging rollout creates a new high‑margin revenue stream, so Buy bias on OBOY.
Full Story
Open on Business Recorder## Oilboy Energy’s Rights Issue
Oilboy Energy Limited (formerly Drekkar Kingsway Limited) filed documents with the Pakistan Stock Exchange indicating a plan to raise Rs1 billion through a rights issue. The company will issue 100 million ordinary shares at Rs10 each, with an additional Rs25.42 million contributed from internal cash flows.
## EV Fast‑Charging Network Plan
The capital raised will be used to build and commission 70 fast‑charging stations nationwide, each equipped with dual‑nozzle DC chargers rated between 120 kW and 240 kW. The stations are designed to serve two vehicles simultaneously, delivering a typical 40 kWh top‑up in 15‑20 minutes. The estimated cost per site is about Rs14.65 million.
## Strategic Diversification
Oilboy highlighted that the project marks a shift from its traditional trading of coal, LPG, petrochemicals and related fuel products to the retail supply of electricity for transport. The initiative aims to create a recurring, high‑margin revenue stream in PKR, reduce reliance on commodity‑trading margins, and position the firm as an early‑scale charge‑point operator ahead of the expected growth in Pakistan’s electric‑vehicle fleet.
## Timeline and Execution
The company expects the charging network to become operational by the first quarter of 2027. Successful rollout will depend on land acquisition, load sanction from distribution companies, transformer and panel installation, civil works, and importation of equipment.
## Company Background
Incorporated in 1993 and listed in 1994, Oilboy originally manufactured electrical appliances and other goods before shifting to equity investments in undervalued assets. The EV charging venture is a greenfield project with no prior operating history in this segment.